SALUNGANO GROUP LIMITED

Financials Salungano Group Limited

Equities

SLG

ZAE000306890

Coal

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2023-08-20 pm EDT			5-day change	1st Jan Change
0.5 ^ZAR	-9.09%		-.--%	-.--%

Mar. 26	Salungano Group Limited Provides Earnings Guidance for the Year Ended 31 March 2023	CI
Mar. 01	Salungano Group Limited Appoints Themba Tshikovhi, Sinesipho Maninjwa and Mzimkulu Malunga as Independent Non-Executive Director	CI

Valuation

Fiscal Period: March	2017	2018	2019	2020	2021	2022
Capitalization ¹	797.4	731.2	622.5	498.1	466	671.9
Enterprise Value (EV) ¹	1,051	1,180	1,223	1,733	1,482	1,372
P/E ratio	19.6 x	3.47 x	7.15 x	-3.68 x	-13.7 x	-20.1 x
Yield	1.17%	6.52%	-	-	-	-
Capitalization / Revenue	0.38 x	0.21 x	0.16 x	0.13 x	0.12 x	0.13 x
EV / Revenue	0.5 x	0.33 x	0.31 x	0.45 x	0.38 x	0.27 x
EV / EBITDA	3.73 x	2.43 x	2.99 x	6.08 x	3.24 x	2.49 x
EV / FCF	-3.96 x	2.57 x	-7.03 x	-10.3 x	12.8 x	2.8 x
FCF Yield	-25.3%	38.9%	-14.2%	-9.7%	7.79%	35.8%
Price to Book	1.17 x	0.71 x	0.58 x	0.53 x	0.52 x	0.87 x
Nbr of stocks (in thousands)	349,755	437,856	432,322	415,068	388,333	369,179
Reference price ²	2.280	1.670	1.440	1.200	1.200	1.820
Announcement Date	9/30/17	6/26/18	7/31/19	9/1/20	6/25/21	7/4/22

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2017	2018	2019	2020	2021	2022
Net sales ¹	2,118	3,527	3,965	3,810	3,903	5,139
EBITDA ¹	281.9	486.5	409.4	285.2	457.5	550
EBIT ¹	200.2	294.3	179.1	-47.05	48.17	109
Operating Margin	9.45%	8.34%	4.52%	-1.23%	1.23%	2.12%
Earnings before Tax (EBT) ¹	99.89	291.5	147.3	-132.2	-19.76	-37.52
Net income ¹	30.2	201.4	87.66	-136.6	-35.83	-37.17
Net margin	1.43%	5.71%	2.21%	-3.58%	-0.92%	-0.72%
EPS ²	0.1161	0.4806	0.2015	-0.3257	-0.0874	-0.0906
Free Cash Flow ¹	-265.5	459.3	-174	-168.2	115.4	490.5
FCF margin	-12.53%	13.02%	-4.39%	-4.41%	2.96%	9.55%
FCF Conversion (EBITDA)	-	94.41%	-	-	25.22%	89.19%
FCF Conversion (Net income)	-	228.05%	-	-	-	-
Dividend per Share ²	0.0267	0.1089	-	-	-	-
Announcement Date	9/30/17	6/26/18	7/31/19	9/1/20	6/25/21	7/4/22

¹ZAR in Million²ZAR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2017	2018	2019	2020	2021	2022
Net Debt ¹	253	449	600	1,235	1,016	700
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.8981 x	0.9228 x	1.466 x	4.331 x	2.221 x	1.273 x
Free Cash Flow ¹	-265	459	-174	-168	115	491
ROE (net income / shareholders' equity)	5.65%	23.3%	8.25%	-13.8%	-4.14%	-4.48%
ROA (Net income/ Total Assets)	9.58%	8.01%	3.52%	-0.8%	0.75%	1.61%
Assets ¹	315.2	2,514	2,487	16,988	-4,760	-2,311
Book Value Per Share ²	1.960	2.370	2.490	2.270	2.300	2.080
Cash Flow per Share ²	0.2400	0.2100	0.2700	0.1200	0.6500	0.6900
Capex ¹	98.9	63.2	217	433	420	150
Capex / Sales	4.67%	1.79%	5.47%	11.36%	10.75%	2.92%
Announcement Date	9/30/17	6/26/18	7/31/19	9/1/20	6/25/21	7/4/22

¹ZAR in Million²ZAR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Coal

	1st Jan change	Capi.
SALUNGANO GROUP LIMITED	-.--%	10.66M
CHINA SHENHUA ENERGY COMPANY LIMITED	+33.83%	107B
PT BAYAN RESOURCES TBK.	-5.15%	39.31B
COAL INDIA LIMITED	+24.55%	34.56B
SHAANXI COAL INDUSTRY COMPANY LIMITED	+17.76%	33.02B
YANKUANG ENERGY GROUP COMPANY LIMITED	+25.61%	21.41B
CHINA COAL ENERGY COMPANY LIMITED	+21.27%	19.84B
SHANXI LU'AN ENVIRONMENTAL ENERGY DEVELOPMENT CO., LTD.	-1.69%	8.92B
HUAIBEI MINING HOLDINGS CO.,LTD.	+12.27%	6.96B
PT ADARO ENERGY INDONESIA TBK	+18.91%	5.46B

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